Argo details shareholder value in SEC filing amid Voce feud
Bermuda-based re/insurance underwriter Argo Group has filed an investor presentation with the US Securities and Exchange Commission (SEC) that details the company’s “strong track record” and efforts to drive growth and value for shareholders. This has been filed amid an ongoing feud with activist shareholder Voce Capital over an alleged misuse of corporate expenses.
On May 24, 2019, Argo will hold its annual meeting of shareholders, where they will vote on either Argo or Voce’s director nominees to sit on Argo’s board.
Some of the highlights in the presentation include Argo’s “superior” shareholder returns, the expertise of its current board which it says will protect shareholder value, its supposed “best-in-class” corporate governance, along with further rebuttals to claims from Voce.
The presentation suggests that Voce has engaged in a “campaign of misinformation and outright falsehoods” as a means to gain board seats with its previously announced nominees.
“Argo’s board has overseen the company’s successful transformation from a domestic insurer specialised in workers’ comp to a global underwriter of specialty insurance and reinsurance, paving the way for Argo’s superior shareholder returns,” said Argo independent chairman Gary Woods. “Our operating strategy has been deliberately constructed to deliver for shareholders and our positive financial outlook supports continued value creation.”
